Multiple benchmark mortgage rates were down in the Baltimore area this week.

Key 30-year rate shows decline in Baltimore

According to Bankrate’s national survey of large lenders, the average rate on the benchmark 30-year fixed-rate mortgage rate for the Baltimore area dropped to 3.88 percent. The local rate was down 8 basis points from last week, and was less than the national average rate of 4.07 percent. A basis point is one-hundredth of 1 percentage point.

In the survey for the current week, the mortgages had an average of 0.41 discount and origination points.

The drop in the 30-year fixed is great news for those who waited to lock on a rate, as their decision paid off.

Monthly payments on a hypothetical $165,000 mortgage fell to $776.36, dipping $7.53 from last week, corresponding with the decline in mortgage rates.

No clear direction for other Baltimore mortgage types

The average rate for 30-year jumbo mortgages fell this week, down 8 basis points to 4.00 percent. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency; for the Baltimore area, that limit is $517,500.

The average rate for 15-year fixed-rate mortgages held constant, at 3.19 percent. Monthly payments on a hypothetical $165,000 15-year fixed-rate mortgage held, staying constant at $1,154.60.

The 15-year fixed is a popular mortgage for homeowners who want to refinance. Rates staying put doesn’t mean much either way for refinancers thinking about locking soon.

The popular 5/1 adjustable-rate mortgage rate slid to 2.94 percent this week, a drop of 12 basis points. 5/1 adjustable-rate mortgages allow property owners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after. They are the most common variety of variable-rate mortgage.

Compare mortgage rates in your area now.

Weekly mortgage survey

Results from Bankrate’s survey of mortgage lenders conducted October 11, 2017. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $517,500 in the Baltimore area.
30-year fixed 15-year fixed 5-year ARM 30-year jumbo
This week’s rate: 3.88% 3.19% 2.94% 4.00%
Change from last week: -0.08 N/C -0.12 -0.08
Monthly payment: $776.36 $1,154.60 $690.32 $2,470.62
Change from last week: -$7.53 N/C -$10.59 -$23.81

Methodology: The “ National Average,” or “national survey of large lenders,” is conducted weekly. To conduct the National Average survey, Bankrate obtains rate information from the 10 largest banks and thrifts in 10 large U.S. markets. In the national survey, our Market Analysis team gathers rates and/or yields on banking deposits, loans and mortgages. We’ve conducted this survey in the same manner for more than 30 years, and because it’s consistently done the way it is, it gives an accurate national apples-to-apples comparison.

To learn more about the different rate averages Bankrate publishes, see “Understanding Bankrate’s Rate Averages.”